According to the latest report published by Variant Market Research, the global biochips market size is projected to reach $22 billion by 2024 from $6 billion in 2016. In this report, global biochips market forecast says that the global market is growing at 15.5% CAGR from 2016 to 2024. On the basis of geography, Asia Pacific is expected to grow at a CAGR of 16.7% and RoW at 15.6%, throughout the forecast period.

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Rising demand for customized medicines fuels the global biochips market
The global biochips market trends are technological advancements, expanding generic drug market and rising demand for customized medicines. Additionally, increasing applications in drug discovery, and increasing prevalence of cancer & HIV have also stimulated the global biochips market growth. Though, lack of proper regulations, and high cost of instruments would limit the growth of the market. Moreover, cattle disease detection, increasing applications of biochips for point-of-care diagnostics, and screening platform for drug lead are expected to present potential growth opportunities over the forecast timeframe.

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Market Segmentation

Type, application and geography are the segmentation of global biochips market. Type segment is bifurcated into DNA chips, microfluidic devices, and protein chips. Moreover, by applications, the market is classified into proteomics, drug discovery & development, genomics, and In vitro diagnostics (IVD).

The global biochips market by geography is categorized into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Canada and Mexico are covered under North America while Europe is segmented into U.K., Italy, France, Germany and others. Asia-Pacific includes China, India, Japan and others. RoW comprises South America, Middle East and Africa.

DNA chips, by type occupied the maximum global biochips market share in the year 2016

In the year 2016, DNA chips segment dominated the type segment with the largest market share accounting for 39.4% throughout the forecast period 2016 – 2024 owing to rapid advances in technology associated to DNA microarray has equipped related solutions to make results with high accuracy, efficiency, reproducibility, and specificity in target identification, primary screening, and toxicity study in drug research and discovery.
In vitro diagnostics (IVD), by application is anticipated to expand at the highest CAGR over the forecast period

In the year 2016, In vitro diagnostics (IVD) segment, by application is projected to witness the maximum growth through the forecast period owing to the increasing demand for diagnosis of genetic disorders, and accurate detection.

North America dominated for the largest market share, whereas, Asia Pacific expected to witness the fastest CAGR over the forecast period
In the year 2016, North America accounted for the largest market share of 32.2%, due to increasing popularity of customized medicine, and advancements in biochip technology throughout the forecast period 2016 to 2024. Moreover, Asia Pacific is anticipated to dominate the market with fastest CAGR throughout the forecast period, owing to increased spending on development & research for advanced diagnostic techniques, and increasing health-consciousness. In addition, Nepal, Brazil, and Philippines is also witnessing a high demand in the global biochips market.

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Competitive Landscape
Key market players include Bio-Rad Laboratories, Affymetrix Inc., Fluidigm Corporation, Abbott Laboratories, Roche Diagnostics, Illumina Inc., GE Healthcare, Sigma-Aldrich Corporation, Agilent Technologies Inc., and Cepheid Inc., among others.

Scope of Biochips Market

Type Segments
• Protein Chips
• Microfluidic Devices
• DNA Chips

Application Segments
• Proteomics
• Genomics
• Drug Discovery & Development
• In Vitro Diagnostics (IVD).

Geography Segments
• North America
o US
o Canada
o Mexico

• Europe
o U.K.
o Italy,
o France
o Germany
o Others

• Asia-Pacific
o China
o India
o Japan
o Others

• RoW
o South America
o Middle East
o Africa

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